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NAKİT KAR PAYI DAĞITIM POLİTİKALARINI ETKİLEYEN MİKRO VE MAKRO DEĞİŞKENLERİN PANEL VERİ ANALİZİ İLE TESPİT EDİLMESİ: BIST 100 ENDEKSİ ÜZERİNE BİR ARAŞTIRMA

Year 2019, Volume 6, Issue 1, 1 - 18, 30.03.2019
https://doi.org/10.17261/Pressacademia.2019.1024

Abstract

Amaç - Firmaların nakit kar payı dağıtım politikalarına etki eden mikro ve makro faktörlerin belirlenmesi amaçlanmıştır. Borsa İstanbul 100

Endeksi’nde payları devamlı olarak işlem gören ve mali sektörde faaliyet göstermeyen otuz üç firmanın 2010-2016 dönemindeki verileri

incelenmiştir.

Metodoloji - Nakit kar payı dağıtım politikaları ile mikro ve makro faktörler arasındaki ilişki panel veri yöntemi kullanılarak analiz edilmiştir. Yatay

kesitler arasındaki farklı hata varyanslarının yanı sıra korelasyon sorununa da çözüm üreten White’ın standart hataların düzeltilmesi yöntemi

kullanılmıştır.

Bulgular - Analiz sonucunda, nakit kar payı dağıtım oranı ile aktif karlılık oranı, finansal kaldıraç ve piyasa değeri arasında anlamlı ve pozitif ilişki

tespit edilirken; varlık yapısı, büyüme fırsatı, firma büyüklüğü ve enflasyon oranı arasında anlamlı ve negatif ilişki tespit edilmiştir. Likidite oranı,

altın fiyatı ve faiz oranı ile nakit kar payı dağıtım oranı arasında ise anlamlı herhangi bir ilişki bulunmamıştır.

Sonuç- Çalışmadan elde edilen bulguların, eldeki kuş, vergi etkisi, sinyal ve temsil maliyeti teorilerini desteklediği belirlenmiştir.

References

  • Afza, T., Mirza, H. H. (2010). Ownership structure and cash flows as determinations of corporate dividend policy in pakistan. International Business Research, 3 (3), 210-221.
  • Ahmed, H., Javid, A. Y. (2008). Dynamics and determinants of dividend policy in Pakistan (evidence from Karachi stock exchange non-financial listed firms). International Research Journal of Finance and Economics, 25, 148-171.
  • Alber, N., Alhabtour, A. (2017). Determinants of dividend policy in Saudi listed companies. Available at SSRN: https://ssrn.com/abstract=2909270, 1-10.
  • Al-Malkawi, H. A. N. (2007). Determinants of dividend policy in jordan: an applications of the tobit model. Journal of Economic and Administrative Sciences, 23 (2), 44-70.
  • Al-Shubiri, F. N. (2011). Determinants of changes dividend behavior policy: evidence from the amman stock exchange. Far East Journal of Pyschology and Business, 4 (2), 1-15.
  • Amidu, M., Abor, J. (2006). Determinants of the dividend payout ratio in Ghana. The Journal of Risk Finance, 7 (2), 136-145.
  • Anil, K., Kapoor, S. (2008). Determinants of dividend payment ratio a study of ındian ınformation technology sector. International Research Journal of Finance and Economic, 15, 63-71.
  • Banerjee, S. (2016). Determinants of dividend policy for select ınformation technology companies in ındia: an empirical analysis, Parikalpana: KIIT. Journal of Management, 12 (2), 152-157.
  • Borsa İstanbul (2017). Endeksler.www.borsaistanbul.com.
  • Ceylan, A., Korkmaz, T. (2017). İşletmelerde Finansal Yönetim. 15. Baskı, Bursa: Ekin Basım Yayın Dağıtım.
  • Diacogiannis, G. P. (1993). Financial management a modelling approach using spreadsheets. McGraw-Hill.
  • Erdaş, M. L. (2017). Kar payı dağıtım politikasını etkileyen işletmelere özgü faktörlerin belirlenmesi: borsa istanbul-30 endeksi üzerine bir uygulama. Journal of Life Economics, 12, 49-76.
  • Gill, A., Biger, N., Tibrewala, R. (2010). Determinants of dividend payout ratios: evidence from united states. The Open Business Journal, 3, 8-14.
  • Gordon, M. J. (1963). Optimal investment and financing policy. The Journal of Finance, 18 (2), 264-272.
  • Gujarati, D. (2003). Basic Econometrics. New York: McGraw Hill Book Co.
  • Gürsoy, C. T. (2014). Finansal Yönetim İlkeleri. İstanbul: Beta Basım Yayın.
  • Hair, J., Anderson, R. E., Tatham, R., William C. B. (1998). Multivariate data analysis. New Jersey: Prentice-Hall.
  • Harris, M., Raviv, A. (1997). The theory of capital structure. Journal of Finance, 46 (1), 297-355.
  • Imran, K. (2011). Determinants of dividend payout policy: a case of pakistan engineering sector. The Romanian Economic Journal, XIV, 41.
  • Jensen, M. C., Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership sturucture. Journal of Financial Economics, 3 (4), 305-360.
  • Kamuyu Aydınlatma Platformu (2017). Finansal tablolar. www.kap.org.tr.
  • Khan, A. F., Ahmad, N. (2017). Determinants of dividend payout: an empirical study of pharmaceutical companies of pakistan stock exchange (PSX). Journal of Financial Studies & Research, (2017), 1-16.
  • Komrattanapanya, P. (2013). Factors influencing dividend payout in Thailand: A Tobit regresyon analysis. International Journal of Accounting and Financing Reporting, 3 (2), 255-268.
  • Korkmaz, T., Yıldız, B., Gökbulut, R. İ. (2010). FVFM'nin İMKB ulusal 100 endeksindeki geçerliliğinin panel veri analizi ile test edilmesi. Istanbul University Journal of The School of Business Administration, 39 (1), 95-105.
  • Kuzucu, N. (2015). Determinants of dividend policy: a panel data analysis for turkish listed firms. International Journal of Business and Management, 10 (11), 149-160.
  • Labhane, N. B., Mahakud, J. (2016). Determinants of dividend policy of Indian companies: a panel data analysis. Paradigm, 20 (1) 36–55.
  • Lintner, J. (1956). Distribution of incomes of corporations among dividens, retained earnings, and taxes. The American Economics Review, 46 (2), 97-113.
  • Lintner, J. (1962). Dividends, earnings, leverage, stock prices and supply of capital to corporations. The Review of Economics and Statistics, 64, 243-269.
  • Mehta, A. (2012). An empirical analysis of determinants of dividend policy - evidence from the UAE companies. Global Review of Accounting and Finance, 3 (1), 18 – 31.
  • Merkez Bankası (2017). Elektronik veri dağıtım sistemi. http://evds.tcmb.gov.tr/.
  • Miller, M. H., Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. The Journal of Business, 34 (4), 411-433.
  • Musiega, M. G., Alala, O. B., Douglas, M., Christopher, M. O., Robert, E. (2013). Determinants of dividend payout policy among non-financial firms on nairobi securities exchange, Kenya. Internatıonal Journal of Scıentıfıc & Technology Research, 2 (10), 253-266.
  • Patra, T., Poshakwale, S., Ow-Yong, K. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22 (13), 1079-1087.
  • Sanjari, T., Zarei, B. (2014). The study factors influencing corporate dividend policy of financial and none-financial firms on companies listed in Tehran stock exchange. Research Journal of Finance and Accounting, 5 (21), 138-144.
  • Sasu, D., Abor, J. Y., Osei, A. K. (2017). Dividend policy and shareholders’ value: evidence from listed companies in Ghana. African Development Review, 29 (2), 293–304.
  • Sheikh, N. A., Naz, S., Abbasi, M. N. (2016). Communal determinants of dividend policy and capital structure: evidence from Pakistan. Pakistan Journal of Social Sciences (PJSS), 36 (2), 771-780.
  • Tabachnick, B. G., Fidell, L. S. (2001). Using Multivariate Statistics. Boston: Allyn and Bacon. Uwuigbe, O. R. (2013). Determinants of dividend policy: a study of selected listed firms in Nigeria. Manager Journal, 17, 107-119.
  • Van Horne, J. C., Wachowicz, J. M. (1997). Fundamentals of financial management. Prentice Hall.
  • Yıldız, B., Gökbulut, R. İ., Korkmaz, T. (2014). Firmalarda temettü politikalarını etkileyen unsurlar: BİST sanayi işletmeleri üzerine bir panel veri uygulaması. Ekonomik ve Sosyal Araştırmalar Dergisi, 10 (10), 185-206.
  • Yusof, Y., Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy.

DETERMINATION OF MICRO AND MACRO FACTORS AFFECTING CASH DIVIDEND PAYOUT POLICIES BY PANEL DATA ANALYSIS: A RESEARCH ON BIST 100 INDEX

Year 2019, Volume 6, Issue 1, 1 - 18, 30.03.2019
https://doi.org/10.17261/Pressacademia.2019.1024

Abstract

Purpose - It was aimed to determine the micro and macro factors affecting the dividend policies of firms. Firms in Borsa Istanbul 100 Index,

whose shares are traded on a regular basis and which are not active in the financial sector have been analyzed.

Methodology - Relationship between the dividend policies of firms and micro and macro factors have been analyzed using the panel data

method. And We used the White's cross section coefficient covariance method in order to account for heteroscedasticity effects.

Findings - A statistically significant and positive relationship was observed between payout ratio and return on assets, financial leverage and

market value. Significant and negative relationship was observed between payout ratio and assets structure, growth opportunity, firm size and

inflation rate. There was no significant relationship between payout ratio and liquidity ratio, gold price and interest rate.

Conclusion - These findings support bird in the hand, tax effect, signal and agency theories.

References

  • Afza, T., Mirza, H. H. (2010). Ownership structure and cash flows as determinations of corporate dividend policy in pakistan. International Business Research, 3 (3), 210-221.
  • Ahmed, H., Javid, A. Y. (2008). Dynamics and determinants of dividend policy in Pakistan (evidence from Karachi stock exchange non-financial listed firms). International Research Journal of Finance and Economics, 25, 148-171.
  • Alber, N., Alhabtour, A. (2017). Determinants of dividend policy in Saudi listed companies. Available at SSRN: https://ssrn.com/abstract=2909270, 1-10.
  • Al-Malkawi, H. A. N. (2007). Determinants of dividend policy in jordan: an applications of the tobit model. Journal of Economic and Administrative Sciences, 23 (2), 44-70.
  • Al-Shubiri, F. N. (2011). Determinants of changes dividend behavior policy: evidence from the amman stock exchange. Far East Journal of Pyschology and Business, 4 (2), 1-15.
  • Amidu, M., Abor, J. (2006). Determinants of the dividend payout ratio in Ghana. The Journal of Risk Finance, 7 (2), 136-145.
  • Anil, K., Kapoor, S. (2008). Determinants of dividend payment ratio a study of ındian ınformation technology sector. International Research Journal of Finance and Economic, 15, 63-71.
  • Banerjee, S. (2016). Determinants of dividend policy for select ınformation technology companies in ındia: an empirical analysis, Parikalpana: KIIT. Journal of Management, 12 (2), 152-157.
  • Borsa İstanbul (2017). Endeksler.www.borsaistanbul.com.
  • Ceylan, A., Korkmaz, T. (2017). İşletmelerde Finansal Yönetim. 15. Baskı, Bursa: Ekin Basım Yayın Dağıtım.
  • Diacogiannis, G. P. (1993). Financial management a modelling approach using spreadsheets. McGraw-Hill.
  • Erdaş, M. L. (2017). Kar payı dağıtım politikasını etkileyen işletmelere özgü faktörlerin belirlenmesi: borsa istanbul-30 endeksi üzerine bir uygulama. Journal of Life Economics, 12, 49-76.
  • Gill, A., Biger, N., Tibrewala, R. (2010). Determinants of dividend payout ratios: evidence from united states. The Open Business Journal, 3, 8-14.
  • Gordon, M. J. (1963). Optimal investment and financing policy. The Journal of Finance, 18 (2), 264-272.
  • Gujarati, D. (2003). Basic Econometrics. New York: McGraw Hill Book Co.
  • Gürsoy, C. T. (2014). Finansal Yönetim İlkeleri. İstanbul: Beta Basım Yayın.
  • Hair, J., Anderson, R. E., Tatham, R., William C. B. (1998). Multivariate data analysis. New Jersey: Prentice-Hall.
  • Harris, M., Raviv, A. (1997). The theory of capital structure. Journal of Finance, 46 (1), 297-355.
  • Imran, K. (2011). Determinants of dividend payout policy: a case of pakistan engineering sector. The Romanian Economic Journal, XIV, 41.
  • Jensen, M. C., Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership sturucture. Journal of Financial Economics, 3 (4), 305-360.
  • Kamuyu Aydınlatma Platformu (2017). Finansal tablolar. www.kap.org.tr.
  • Khan, A. F., Ahmad, N. (2017). Determinants of dividend payout: an empirical study of pharmaceutical companies of pakistan stock exchange (PSX). Journal of Financial Studies & Research, (2017), 1-16.
  • Komrattanapanya, P. (2013). Factors influencing dividend payout in Thailand: A Tobit regresyon analysis. International Journal of Accounting and Financing Reporting, 3 (2), 255-268.
  • Korkmaz, T., Yıldız, B., Gökbulut, R. İ. (2010). FVFM'nin İMKB ulusal 100 endeksindeki geçerliliğinin panel veri analizi ile test edilmesi. Istanbul University Journal of The School of Business Administration, 39 (1), 95-105.
  • Kuzucu, N. (2015). Determinants of dividend policy: a panel data analysis for turkish listed firms. International Journal of Business and Management, 10 (11), 149-160.
  • Labhane, N. B., Mahakud, J. (2016). Determinants of dividend policy of Indian companies: a panel data analysis. Paradigm, 20 (1) 36–55.
  • Lintner, J. (1956). Distribution of incomes of corporations among dividens, retained earnings, and taxes. The American Economics Review, 46 (2), 97-113.
  • Lintner, J. (1962). Dividends, earnings, leverage, stock prices and supply of capital to corporations. The Review of Economics and Statistics, 64, 243-269.
  • Mehta, A. (2012). An empirical analysis of determinants of dividend policy - evidence from the UAE companies. Global Review of Accounting and Finance, 3 (1), 18 – 31.
  • Merkez Bankası (2017). Elektronik veri dağıtım sistemi. http://evds.tcmb.gov.tr/.
  • Miller, M. H., Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. The Journal of Business, 34 (4), 411-433.
  • Musiega, M. G., Alala, O. B., Douglas, M., Christopher, M. O., Robert, E. (2013). Determinants of dividend payout policy among non-financial firms on nairobi securities exchange, Kenya. Internatıonal Journal of Scıentıfıc & Technology Research, 2 (10), 253-266.
  • Patra, T., Poshakwale, S., Ow-Yong, K. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22 (13), 1079-1087.
  • Sanjari, T., Zarei, B. (2014). The study factors influencing corporate dividend policy of financial and none-financial firms on companies listed in Tehran stock exchange. Research Journal of Finance and Accounting, 5 (21), 138-144.
  • Sasu, D., Abor, J. Y., Osei, A. K. (2017). Dividend policy and shareholders’ value: evidence from listed companies in Ghana. African Development Review, 29 (2), 293–304.
  • Sheikh, N. A., Naz, S., Abbasi, M. N. (2016). Communal determinants of dividend policy and capital structure: evidence from Pakistan. Pakistan Journal of Social Sciences (PJSS), 36 (2), 771-780.
  • Tabachnick, B. G., Fidell, L. S. (2001). Using Multivariate Statistics. Boston: Allyn and Bacon. Uwuigbe, O. R. (2013). Determinants of dividend policy: a study of selected listed firms in Nigeria. Manager Journal, 17, 107-119.
  • Van Horne, J. C., Wachowicz, J. M. (1997). Fundamentals of financial management. Prentice Hall.
  • Yıldız, B., Gökbulut, R. İ., Korkmaz, T. (2014). Firmalarda temettü politikalarını etkileyen unsurlar: BİST sanayi işletmeleri üzerine bir panel veri uygulaması. Ekonomik ve Sosyal Araştırmalar Dergisi, 10 (10), 185-206.
  • Yusof, Y., Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy.

Details

Primary Language English
Subjects Social, Humanities, Multidisciplinary, Economics, Management, Business Finance
Journal Section Articles
Authors

Emre Esat TOPALOGLU This is me (Primary Author)

0000-0001-8771-779X


Turhan KORKMAZ>

0000-0001-5468-2279

Publication Date March 30, 2019
Published in Issue Year 2019, Volume 6, Issue 1

Cite

APA Topaloglu, E. E. & Korkmaz, T. (2019). DETERMINATION OF MICRO AND MACRO FACTORS AFFECTING CASH DIVIDEND PAYOUT POLICIES BY PANEL DATA ANALYSIS: A RESEARCH ON BIST 100 INDEX . Journal of Economics Finance and Accounting , 6 (1) , 1-18 . DOI: 10.17261/Pressacademia.2019.1024

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